Insider Buying: Orange County Bancorp, Inc. (NASDAQ:OBT) Director Acquires 6,451 Shares of Stock

Orange County Bancorp, Inc. (NASDAQ:OBT - Get Free Report) Director Jon Schiller purchased 6,451 shares of the stock in a transaction dated Wednesday, June 4th. The shares were bought at an average price of $23.25 per share, with a total value of $149,985.75. Following the completion of the acquisition, the director now directly owns 12,446 shares of the company's stock, valued at approximately $289,369.50. This represents a 107.61% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Orange County Bancorp Stock Performance

Shares of NASDAQ:OBT traded up $0.36 during midday trading on Friday, reaching $24.33. 108,200 shares of the company's stock traded hands, compared to its average volume of 27,993. The company has a market cap of $276.97 million, a price-to-earnings ratio of 9.85 and a beta of 0.48. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 0.89. Orange County Bancorp, Inc. has a one year low of $20.97 and a one year high of $33.06. The stock has a 50 day moving average of $24.35 and a 200 day moving average of $25.86.

Orange County Bancorp (NASDAQ:OBT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.10. The firm had revenue of $27.98 million for the quarter, compared to the consensus estimate of $28.10 million. Orange County Bancorp had a return on equity of 15.51% and a net margin of 19.47%. As a group, equities research analysts anticipate that Orange County Bancorp, Inc. will post 2.83 EPS for the current fiscal year.

Orange County Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, June 4th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $0.52 annualized dividend and a yield of 2.14%. Orange County Bancorp's dividend payout ratio (DPR) is currently 21.58%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in OBT. BNP Paribas Financial Markets purchased a new position in shares of Orange County Bancorp during the fourth quarter worth about $46,000. Public Employees Retirement System of Ohio acquired a new position in shares of Orange County Bancorp during the 4th quarter valued at $60,000. Corebridge Financial Inc. lifted its holdings in Orange County Bancorp by 97.0% in the 1st quarter. Corebridge Financial Inc. now owns 5,007 shares of the company's stock worth $117,000 after buying an additional 2,466 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in Orange County Bancorp by 100.0% in the first quarter. New York State Common Retirement Fund now owns 5,286 shares of the company's stock worth $124,000 after purchasing an additional 2,643 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Orange County Bancorp by 107.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,036 shares of the company's stock worth $141,000 after buying an additional 3,132 shares during the last quarter. 42.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Hovde Group began coverage on Orange County Bancorp in a research note on Monday, May 12th. They issued an "outperform" rating and a $30.50 price objective on the stock.

About Orange County Bancorp

Orange County Bancorp, Inc, through its subsidiaries, provides commercial and consumer banking products and services, and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments, and individuals. It accepts various deposits, including interest-bearing and noninterest-bearing demand accounts, money market deposit accounts, savings accounts, and certificates of deposit.